Exceed Energy Announces 2nd Qtr 2009 Financial Results

Exceed Energy Inc. (TSX VENTURE:EX.A) today announced that it has filed its 2nd
quarter unaudited financial statements and management's discussion and analysis
for the second quarter ended June 30, 2009 as well as its NI 52-109 CEO and CFO
Certificates. This press release is meant to be read in concurrence with the
above filed documents. Copies of these documents are available on SEDAR at
www.sedar.com.


In accordance with National Instrument 51-1-2 released by the Canadian
Securities Administrators, the Company discloses that its auditors have not
reviewed these unaudited interim statements as at and for the interim periods
ending June 30, 2009 and 2008.




Selected Financial Information

Unaudited
 Financial data     Three Months   Three Months     Six Months   Six Months
----------------------------------------------------------------------------
                       30-Jun-09      30-Jun-08      30-Jun-09    30-Jun-08
Oil and natural gas
 revenue, net of
 royalties          $    454,393   $  1,186,125   $    840,581  $ 2,113,760
Operating expense        141,346        344,042        281,595      562,613
----------------------------------------------------------------------------
Operating Net back
 (non GAAP)         $   313,047    $    842,083   $    558,986  $ 1,551,147

Net loss            $  (287,753)   $    (39,088)  $   (549,475) $  (305,022)

 Per share, basic         (0.00)          (0.00)         (0.01)       (0.01)

 Per share, diluted       (0.00)          (0.00)         (0.01)       (0.01)
Cash flow from
 operations (non
 GAAP) (1)          $    50,344    $    626,205   $     90,306  $ 1,034,529
 Per share, basic
  (non GAAP)               0.00            0.01           0.00         0.02
 Per share, diluted
  (non GAAP)               0.00            0.01           0.00         0.02

Total assets        $10,606,222    $ 13,994,548   $ 10,606,222  $13,994,548
Total liabilities   $ 2,667,893    $  3,868,452   $  2,667,893  $ 3,868,452


Share capital data    30-Jun-09       30-Jun-08      30-Jun-09    30-Jun-08
----------------------------------------------------------------------------
Number of class A
 common shares       64,522,527      41,710,007     64,522,527   41,710,007
Number of class B
 common shares                -       2,333,602              -    2,333,602
Number of options
 outstanding          2,485,000       3,100,000      2,485,000    3,100,000
 Average exercise
  price             $      0.20    $       0.21   $       0.20  $      0.21
Number of options
 exercisable          2,064,995       1,273,333      2,064,995    1,273,333

----------------------------------------------------------------------------

(1) before changes in non-cash working capital items



The Company reports:

- Quarterly revenue for the six month period ended June 30, 2009 of $874,557 and
$442,762 for the six month period ended June 30, 2009 compared to $2,514,417 for
the six month period ended June 30, 2008 and $1,383,290 for the three month
period ended June 30, 2008.


- Operating expenses for the six month period ended June 30, 2009 of $281,595
and $141,346 for the three month period ended June 30, 2009 compared to $562,613
for the six month period ended June 30, 2008 and $344,042 for the three month
period ended June 30, 2008.


- Net after tax loss of $549,476 for the six month period ended June 30, 2009
and $287,754 for the three month period ended June 30, 2009 compared to $305,022
for the six month period ended June 30, 2008 and $39,088 for the three month
period ended June 30, 2008.


- Cash flow from operations, before changes in non-cash working capital items,
of $90,306 for the six month period ended June 30, 2009 and $50,344 for the
three month period ended June 30, 2009 compared to $1,034,529 for the six month
period ended June 30, 2008 and $626,205 for the three month period ended June
30, 2008.


The Company continues to reduce G&A expenses and capital expenditures during the
current period of low natural gas prices. The Company has reduced its 2009
capital budgeted to $500,000. The Company has farmed-out two drilling projects
which could result in two oil wells being drilled before the end of the year.


Oil and natural gas sales before royalties declined 34% from the fourth quarter
of 2008 to this quarter while the Company's production remained flat. The
reduction in revenue was almost entirely due to a continued deterioration in
natural gas prices. This decline in product prices was also the major
contributing factor in the decline of revenue year over year for the period
ending June 30. Through the Companies efforts to manage its capital expenditures
and G&A costs it was able to remain cashflow positive in the quarter.


Forward Looking Statements

This press release may contain forward-looking statements including expectations
of future production, cash flow and earnings. Certain information regarding
Exceed in this news release including management's assessment of future plans
and operations, timing of drilling and tie-in of wells, productive capacity of
the new wells, expected production rates, drilling success rates, dates of
commencement of production, may constitute forward-looking statements under
applicable securities laws and necessarily involve risks. These statements are
based on current expectations that involve a number of risks and uncertainties,
which could cause actual results to differ from those anticipated. These risks
include, but are not limited to: the risks associated with the oil and gas
industry (e.g. operational risks in development, exploration and production;
delays or changes in plans with respect to exploration or development projects
or capital expenditures; the uncertainty of reserve estimates; the uncertainty
of estimates and projects relating to production, costs and expenses, and
health, safety and environmental risks), commodity price, price and exchange
rate fluctuation and uncertainties resulting from the potential delays or
changes in plans with respect to exploration or development projects or capital
expenditures. Readers are cautioned that the foregoing list of factors is not
exhaustive. Additional information on these and other factors that could affect
Exceed's operations or financial results are included in Exceed's reports on
file with Canadian securities regulatory authorities that may be accessed at
www.sedar.com or through the Company's website, www.exceedenergy.com.
Furthermore, the forward-looking statements contained in this news release are
made as at the date of this news release and Exceed does not undertake any
obligation to update publicly or to revise any of the included forward-looking
statements, whether as a result of new information, future events or otherwise,
except as may be required by applicable securities laws. 


Disclosure provided herein in respect of barrels of oil equivalent (boe) may be
misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf:
1 Bbl is based on an energy equivalency conversion method primarily applicable
at the burner tip and does not represent a value equivalency at the wellhead.